5. XYZ Company reports the following costs and expenses in May.Factory utilitiesDepreciation on factory$15,500equipmentDepreciation on delivery trucksIndirect factory labor1.2,6503,80048,900Indirect materials80,800Direct materials used137,600Factory manager's salary8,000$69,100Direct laborSales salaries46,400Property taxes on factorybuilding2,5001,300Repairs to office equipmentFactory repairsAdvertising2,00015,000Office supplies used2,640Instructions:(a) From the information, determine the total amiount of manufacturing overhead.(b) From the information, determine the total amount of product costs.(c) From the information, determine the total am ount of period costs.

Name: 5. XYZ Company reports the following costs and expenses in May.Factor
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Description: 5. XYZ Company reports the following costs and expenses in May.Factory utilitiesDepreciation on factory$15,500equipmentDepreciation on delivery trucksIndirect factory labor1.2,6503,80048,900Indirect materials80,800Direct materials used137,600Factory

Manufacturing overhead means all indirect costs incurred in the production. Product costs includes…

Business

Accounting

5. XYZ Company reports the following costs and expenses in May. Factory utilities Depreciation on factory equipment Depreciation on delivery trucks Indirect factory labor $15,500 1.2,650 3,800 48,900 80,800 137,600 8,000 $69,100 46,400 Indirect materials Direct materials used Factory manager's salary Direct labor Sales salaries Property taxes on factory building Repairs to office equipment Factory repairs Advertising Office supplies used 2,500 1,300 2,000 15,000 2,640 Instructions: (a) From the information, determine the total amiount of manufacturing overhead. (b) From the information, determine the total amiount of product costs. (c) From the information, determine the total am ount of period costs.

5. XYZ Company reports the following costs and expenses in May. Factory utilities Depreciation on factory equipment Depreciation on delivery trucks Indirect factory labor $15,500 1.2,650 3,800 48,900 80,800 137,600 8,000 $69,100 46,400 Indirect materials Direct materials used Factory manager's salary Direct labor Sales salaries Property taxes on factory building Repairs to office equipment Factory repairs Advertising Office supplies used 2,500 1,300 2,000 15,000 2,640 Instructions: (a) From the information, determine the total amiount of manufacturing overhead. (b) From the information, determine the total amiount of product costs. (c) From the information, determine the total am ount of period costs.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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he account balances are listed below for Eagle Manufacturing Company for the month of March. Finished goods inventory, March 31 Direct materials purchases Indirect labor Direct labor Work-in-process inventory, March 31 Factory supervisory salaries Direct materials inventory, March 1 Factory utilities expense Direct materials inventory, March 31 Work-in-process inventory, March 1 Factory depreciation expense Finished goods inventory, March 1 Required: $29,000 70,000 21,000 48,000 73,000 12,000 12,000 4,000 21,000 54,000 5.000 33,000 Prepare a cost of goods manufactured and sold statement for Eagle Manufacturing Company for the month ended March 31.
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Maryville incorporated incurred the following costs during June $ 30,400 83.200 42,200 27,500 13,020 10,000 Raw materials used Direct labor Manufacturing overhead, actual Administrative expensen swlling expenses During the month, 6,300 units of product were manufactured and 4,700 units of product were sold. On June 1, Maryville carried no inventories. On June 30, there were no inventories other than finished goods. Required: a. Calculate the cost of goods manufactured during June and the average cost per unit of product manufactured. b. Calculate the cost of goods sold during June. c. Calculate the difference between cost of goods manufactured and cost of goods sold. How will this amount be reported in the financial statements? . Prepare a traditional (absorption) income statement for Maryville for the month of June. Assume that sales for the month was $272,800 and the company's effective income tax rate was 40%. Complete this question by entering your answers in the tabs below. A and…
ces The following transactions occurred during April: (a) Purchased materials on account at a cost of $232,870. (b) Requisitioned materials at a cost of $111,500, of which $15,700 was for general factory use. (c) Recorded factory labor of $224,300, of which $42,775 was indirect. (d) Incurred other costs: Selling expense Factory utilities Administrative expenses Factory rent Factory depreciation $35,900 24,600 50,750 11,700 20,600 (e) Applied overhead at a rate equal to 144 percent of direct labor cost. (f) Completed jobs costing $262,350. (g) Sold jobs costing $324,070. (h) Recorded sales revenue of $513,000. Required: 1. & 2. Post the April transactions to the T-accounts and compute the balance in the accounts at the end of April. (Post each transaction (d) cost separately. Round your answers to 2 decimal places.) 3-a. Compute over- or underapplied manufacturing overhead. (Round your answer to 2 decimal places.) 3-b. If the balance in the Manufacturing Overhead account is closed…
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Current Attempt in Progress Tamarisk Company reports the following costs and expenses in May. Factory utilities Depreciation on factory equipment Depreciation on delivery trucks Indirect factory labor Indirect materials Direct materials used Factory manager's salary From the information: $14,800 12,120 3,840 47,120 77,440 132,480 8,000 Direct labor Sales salaries Property taxes on factory building Repairs to office equipment Factory repairs Advertising Office supplies used $66,480 44,320 2,400 1,280 1,920 14,400 2,510